Australia is a ‘risk averse nation’ and the government wants to emulate the entrepreneurship culture of Israel which sometimes invests in businesses that don’t succeed.

“In our media culture there would be an instant story on the front page of your newspaper or someone else's saying which minister allowed this to happen? That person should be sacked, resign or run out of town.” Mr Pyne told Fairfax Media.

The message is clear from Pyne and Ferris, if Australia is to champion in an entrepreneurial culture then we must not be afraid to fail.